{"id":226745,"date":"2025-03-19T13:49:11","date_gmt":"2025-03-19T13:49:11","guid":{"rendered":"https:\/\/www.musicbusinessworldwide.com\/?p=226745"},"modified":"2025-03-20T18:37:14","modified_gmt":"2025-03-20T18:37:14","slug":"global-recorded-music-revenues-hit-29-6bn-in-2024-up-4-8-yoy-users-of-paid-music-subscriptions-reach-752m","status":"publish","type":"post","link":"https:\/\/www.musicbusinessworldwide.com\/global-recorded-music-revenues-hit-29-6bn-in-2024-up-4-8-yoy-users-of-paid-music-subscriptions-reach-752m\/","title":{"rendered":"Global recorded music revenues hit $29.6bn in 2024, up 4.8% YoY; users of paid music subscriptions reach 752m"},"content":{"rendered":"

MBW\u2019s Stat Of The Week is a series in which we highlight a data point that deserves the attention of the global music industry. Stat Of the Week is supported by\u00a0music data analytics firm\u00a0Chartmetric<\/a>.\r\n\r\n

\r\n\r\n <\/b><\/p>\n

Yesterday, the RIAA’s end-of-year music report for 2024 <\/strong>revealed<\/strong><\/a> a few gloomy stats about the US recorded music market<\/strong>. <\/b><\/p>\n

Things are looking a lot sunnier globally, however, according to a new report from I<\/strong>FPI<\/strong>, the organization that represents the recording industry worldwide.<\/span><\/p>\n

Figures released today (March 19) in IFPI\u2019s Global Music Report 2025 show that total trade revenues reached USD $29.6 billion<\/strong> in 2024, up by 4.8% YoY.<\/span><\/strong><\/span><\/p>\n

The report, which you can see here<\/a>, also shows that global recorded music revenues\u00a0grew in every region for the third consecutive year, with breakneck growth in\u00a0Latin America (<\/strong>+22.5%<\/span><\/strong>), the Middle East\u00a0<\/strong>and<\/span>\u00a0North Africa (+22.8%<\/span>), and Sub-Saharan Africa (+22.6%<\/span>).<\/b><\/p>\n

IFPI’s report identifies subscription streaming as the key driver of growth globally. Subscription streaming revenues rose by\u00a09.5% YoY<\/span><\/strong> globally last year, while <\/span>users of paid subscription accounts grew 10.6% YoY<\/strong><\/span> to 752 million<\/strong> globally (see below).<\/span><\/p>\n

\n\n
<\/a>
This chart has been updated to reflect adjusted retrospective annual figures from IFPI\u2019s GMR 2025<\/figcaption><\/figure>\n
<\/div>
<\/div>
<\/div> <\/div> \n

Breaking IFPI’s report down by format reveals total <\/em>Streaming revenues (including both paid subscription and advertising-supported) exceeded USD $20 billion for the first time ($20.4 billion<\/strong>) in 2024. <\/span><\/p>\n

Total streaming revenues grew 7.3% YoY <\/strong><\/span>and represented 69%<\/strong> of total recorded music revenues.\u00a0<\/span><\/p>\n

Paid<\/em> subscription streaming revenues, meanwhile, increased 9.5% YoY<\/span><\/strong> in 2024, <\/span>accounting for 51.2%<\/strong> of the global market. <\/span><\/p>\n

In dollar terms, this means that subscription streaming revenues reached\u00a0$15.15 billion<\/strong> in 2024. A<\/span>d-supported streaming formats grew by a modest 1.2% YoY.\u00a0<\/strong><\/span><\/span><\/p>\n

Elsewhere, IFPI reports that global physical revenues declined<\/b>\u00a03.1% YoY<\/span><\/strong> and reached $4.8 billion<\/strong> in 2024. IFPI points out in its report that t<\/span>his decline “was set against a very strong performance for the format in 2023, when revenues increased by 14.5%”.<\/p>\n

\n
<\/a>
This chart has been updated to reflect adjusted retrospective annual figures from IFPI\u2019s GMR 2025<\/figcaption><\/figure>\n
\n

Global CD and music video revenues fell by 6.1% YoY<\/strong> <\/span>and 15.5% YoY,<\/span><\/strong> respectively, in 2024. These declines were partially offset by revenues generated by vinyl, which grew by 4.6% YoY<\/span><\/strong> and marked the format\u2019s 18th consecutive year of growth.<\/p>\n

IFPI reports that Performance<\/strong> rights<\/strong> revenues reached $2.9 billion<\/strong> in 2024, up by 5.9% YoY,<\/strong><\/span> marking the fourth successive year of revenue growth.\u00a0 Performance rights revenues represented 9.7% <\/strong>of total recorded music revenues globally.<\/span><\/p>\n

(These revenues are collected by Music Licensing Companies and are derived from the use of sound recordings and music video, mostly in public performance and broadcasting).<\/span><\/em><\/p>\n

<\/div> <\/div> \n

Geographically, IFPI reports that “there was a positive story” globally, with t<\/span>hree of the world\u2019s seven regions posting double-digit revenue growth, including the Middle East and North Africa (MENA), Sub-Saharan Africa, and Latin America.<\/p>\n

IFPI noted that 55 out of 58 markets recorded growth in 2024, which included eight of the Top 10 global markets.<\/p>\n

There was also movement in the Top 10 markets in 2024, with Mexico<\/strong> overtaking Australia<\/strong> to become the world’s tenth-largest<\/strong> recorded music market, which means of course, that Australia officially dropped out of the Top 10 last year.<\/p>\n

As of 2024, the world’s Top 10 biggest recorded music markets are:<\/p>\n